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Magu: EFCC Has Recovered over N430bn Loot in Eight Months

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  • Magu: EFCC Has Recovered over N430bn Loot in Eight Months

The Economic and Financial Crimes Commission (EFCC) wednesday said it had recovered about N409 billion and $69.5 million (totalling N430 billion), among other foreign currencies, as proceeds of corruption between January 1 and August 30, 2017.

The acting Chairman of the EFCC, Ibrahim Magu, made the disclosure at a parley with journalists in Abuja yesterday, where he provided further insight into the anti-graft war.

He also decried the tactics employed by some politically exposed persons facing corruption charges to obstruct the EFCC in carrying out its duties, resorting to his usual refrain, “corruption is fighting back.”

Magu said: “Over a month ago, the commission recovered over N329 billion from a group of oil marketers for the Nigerian National Petroleum Corporation (NNPC).

These are major recoveries from a sector of the economy.

“But to give a holistic picture of the aggressive drive to recover stolen wealth, I have the pleasure to report that the commission, between January and August 30, 2017, recorded the following monetary recoveries: N409,270,706,686.75; US$69, 501,156.67; £231,118.69; €610,816.20; Dirham 443,400.00 and SR (Saudi Riyal) 70, 500.00.”

On the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Magu recalled that the commission, a few days ago, got a court order to forfeit to the Nigerian Government the sum of N7.6 billion, which was hidden in a Nigerian bank by the minister.

“Two weeks earlier, another court issued a temporary forfeiture order to seize properties worth $21,392,224 belonging to the same former minister. Those properties are awaiting final forfeiture,” he added.
Magu further debunked claims by Alison-Madueke that the EFCC had failed to link the recovered illicit funds and properties to her.

“All these properties are all available; it’s real, it’s not like they don’t exist. They exist, it’s not media hype. We have been able to establish that there is thorough linkage between that and the proceeds of corruption, stealing and looting,” he added.

The EFCC chairman also reiterated the stance of the federal government to disclose Nigerians who have siphoned public funds to the United Arab Emirates (UAE).

He explained that with the new treaty signed with the government of the UAE, EFCC officials will soon head to Dubai where it will unveil looters with traceable corrupt dealings in the country.

“We have been to Dubai with the Attorney General of the Federation, and I had a meeting with a delegation from UAE, we were waiting for the ratification.

“They have a better database, they are operating the beneficiary ownership method. They would also open their doors and would disclose everybody, it is going to work for us, we are going there as soon as possible,” he said.

On the purported rift between the EFCC and the AGF and Minister of Justice, Abubakar Malami (SAN), Magu maintained that there was no rift between them.

He said: “I don’t see it. I’m naturally somebody who believes in self discipline. The AGF is the number one law officer of the country and there is no reason why there should be conflict.

“That is why we have the synergy to fight the common enemy. It’s just paper work.”

Continuing, Magu also gave reasons why the Senate is vehemently opposed to the National Financial Intelligence Unit (NFIU) operating under the purview of the commission.

He argued that most of commission’s operations revolve around NFIU, and that once the unit is separated, it would render the EFCC redundant, alleging that owing to the wide scope and efficiency of the NFIU, there is an attempt by some “high politically exposed persons with corruption charges against them to use the back door to weaken the EFCC.”

The clamour for the autonomy of the NFIU is geared towards fulfilling that hidden agenda, he submitted.

On the prosecution of corruption cases, Magu said: “We are also making progress despite the antics of some persons accused of grand corruption to delay their trial.

“Between January and August this year, EFCC recorded 137 convictions. The potential for improvement are good as more cases will be brought to conclusion in the remaining four months of the year.

“Regardless of the challenges that we have faced and continue to face, I am happy to report that we are making progress. Many of you are aware of the achievements that we have recorded in the fight against corruption especially in the area of assets recovery,” he said.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Kaduna State Denies Taking ₦36 Billion Loan, Blames Past Administration for Debt

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The Kaduna State Government has reacted to a viral report alleging that the state borrowed ₦36 billion over the last six months.

The government made the clarification via a statement signed by the Commissioner of Planning and Budget, Mukhtar Ahmed, who labeled the report as inaccurate and misleading.

The commissioner emphasized that no new loans have been taken under Governor Sani’s administration.

Ahmed blamed loan issues on the past administration, noting that all the loans including World Bank programs such as AGILE, SURWASH, and ACReSAL were received by the past administration in the state.

The government stated that the current naira exchange rate to the dollar, which is over ₦1,600 has affected the repayment of these loans as its value has increased.

This means that Governor Sani’s administration is repaying nearly three times the amount of loans acquired by the previous administration, all thanks to the significant devaluation of the Naira.

“The inherited debt burden from the previous administration consisted of long-term loans. These loan commitments, including World Bank programs such as AGILE, SURWASH, and ACReSAL, were all agreed upon during the previous administration,” the statement noted.

“Previous administration’s loan agreements, based on exchange rates of ₦415-₦480 to the dollar, have now seen the Naira plunge to over ₦1,600 to the dollar, effectively tripling the value of these debts in local currency,” he noted.

The Commissioner frowned bitterly at the online platform for not seeking clarification prior to the publication of the report.

However, he echoed the government’s commitment to transparency in debt management and financial discipline, adding that the state government will not spare those responsible for mismanaging the state’s resources.

“Notwithstanding the erroneous reporting, the government is resolute in its dedication to transparency in debt management and financial discipline, prioritizing the enhancement of the state’s economy without imposing additional financial burdens.

“The state government reaffirmed its resolve to hold accountable those responsible for mismanaging the state’s resources, vowing to reposition Kaduna for the benefit of its citizens,” the Commissioner added.

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FG to Evacuate Nigerians in Lebanon as  Iran Threatens to Fire More Missiles at Israel

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The Federal Government is set to evacuate Nigerians living in Lebanon amid the tension between Iran and Israel.

Investors King had reported that Iran’s Military launched 180 missiles at Israel on Tuesday, killing no fewer than eight Israelites and injuring scores of other citizens.

Responding to the tension, Nigerian government directed its citizens living in Lebanon to contact the country’s diplomatic officers and envoys in the Middle-East country for immediate evacuation.

The Special Assistant to the Nigerian President on Social Media, Dada Olusegun, through his X handle, @DOlusegun, alerted all Nigerians in Lebanon to the attacks and asked them to get in touch with the Nigerian mission for profiling and documentation and subsequent evacuation.

Similarly, the Nigerians in Diaspora Commission (NIDCOM) advised Nigerians living in Lebanon to consider moving out of the country now that commercial flights are still in operation.

Nigerians are also urged to liase with the Nigerian Embassy in Lebanon for necessary guidance regarding their safety.

This was made known via a statement by Director of Media, Public Relations and Protocols Unit, NiDCOM, Abdur-Rahman Balogun, on Wednesday.

Meanwhile, Iran authorities have explained the reason for attacking Israel, saying that the barrage of missiles was in response to the killings of Iran-backed militant leaders, sending Israelis to shelters and prompting alarm across the region.

Reports have it that the Israel Defence Forces said it intercepted the 180 ballistic missiles launched by Iran at Israel on Tuesday evening.

Iranian government has threatened to launch more fierce missiles against Israel if it retaliates the Tuesday attack.

According to the Iranian mission to the United Nations in a message on its X account, “Iran’s legal, rational, and legitimate response to the terrorist acts of the Zionist regime—which involved targeting Iranian nationals and interests and infringing upon the national sovereignty of the Islamic Republic of Iran—has been duly carried out.

Nigerian government said the evacuation of its citizens is necessary following the Israeli government’s warning to residents of 24 more villages in southern Lebanon to evacuate amid increasing tensions.

It was reported that the villages fall within a United Nations buffer zone, created after the 2006 war between Israel and Hezbollah.

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Eight Killed, Several Injured as Iran Launches Missiles Towards Israel 

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No fewer than eight people have lost their lives in a devastating terror attack in Israel.

Israel’s national emergency medical service, Magen David Adom, confirmed that the attack occurred on Tuesday.

The service reported that several others were injured after missiles were fired in Jaffa, south of Tel Aviv.

The two terrorists who carried out the attack were “neutralized,” according to police.

Medics are currently treating several casualties, including unconscious victims.

Reports indicate that emergency services are responding to a shooting incident on Jerusalem (Quds) Street in Jaffa, near a light rail station.

Magen David Adom ambulance service confirmed that multiple people were injured in what appears to be an attack.

Earlier, the President of the United States, Joe Biden, stated that he had convened a national security team, alongside the Vice President, to discuss Iranian plans to launch an imminent missile attack against Israel.

“We discussed how the United States is prepared to help Israel defend against these attacks and protect American personnel in the region,” Biden said.

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